obx sandbar living monthly market update

Hello, 2025!

As we enter a new year (and lucky number 13 for OBX Sandbar Living!), we want to send our sincere thanks for your support and wish you all the best in 2025.

We’ve seen many changes in the real estate market over the last five years, and this one will be no exception! We’re constantly keeping tabs on not only sales data and interest rates, but also trends in specific neighborhoods and desirable amenities and features. We promise to keep you in the loop, whether you’re thinking of buying, selling, or just daydreaming about the future.

If we can be of service in any way, please don’t hesitate to reach out.

-Danielle

Outer Banks Real Estate Market-at-a-Glance for Year-End 2024

Sold and Under Contract Analysis

SINGLE FAMILY RESIDENTIAL:

  • YTD residential sales units are up 2.4% versus YTD 2023 

  • YTD residential sales dollars are up 5.8% vs. YTD 2023 

  • YTD median sale price was $705,000, up 4% vs. YTD 2023 

  • December 2024 residential sales units were up 22% versus December 2023 

  • Sales units December ‘24 over November ‘24 were up 17.5%   

    • New listing inventory for December was down 37.3% versus November 

  • As a comparison, new listings for December ‘24 were up 1.75% versus December ‘23 

  • December residential sales volume was up 15.2% vs. November 2024 

  • Sales units are up very modestly year-over-year (up 2.4%); however, month-over-month, December ‘24 saw a bit of a rebound versus both the month prior and the year prior (up 17.5% vs. November ‘24 and up 22% vs. December ‘23). As we mentioned above, new listings are down significantly versus November (but relatively flat to last December), so it will be interesting to see which trends prevail as we head into a new year and new administration.

    Let's look at month-over-month:

  • Median sale price for all Residential property sold in December was $677,500--up 11.3% versus November ‘24. 

  • December 2024's median sale price was down 11.6% versus December 2023.     

  • December ‘24 vs. December ‘23, residential properties sold 9.7% faster, but at a 11.6% lower median sold price, The short-term data tells a slightly different story regarding the median sold price; however, with December’s being up 11.3% versus November. As previously stated, we will be watching to see which of these trends prevail in the new year, so stay tuned!

    RESIDENTIAL LOTS AND LAND:

  • YTD residential land sales units are down 31% versus YTD 2023. 

  • YTD residential land sales dollars are down 24% versus YTD 2023. 

  • YTD residential land median sold price is $190,000, up 6% versus YTD 2023. 

  • December residential land sales units were down 8% compared to December 2023. 

  • December residential land sales units were flat versus November 2024. 

  • December residential land sales dollars were up 1% versus December ‘23. 

  • December residential land sales dollars were down 21% versus November ‘24.

inventory analysis

  • New listing inventory for December 2024 was up 2.3% versus December 2023, but down 37.3% versus November’s new listings.

    • Drilling down, 89 new residential listings hit the market in December 2024, with 22.5% of those properties already sold or under contract.

    • Average days on market for these is 10; median days on market is 5 (the new, good inventory is still moving fast!).

    • Of the properties that have closed, 50% were cash transactions and 25% disclosed multiple offers (disclosure of multiple offers is not required by our MLS).

  • See the chart below for the full breakdown by area…

Inventory Analysis by Area Year-End 2024

If you’d like to get more hyper-local with your neighborhood or area, please feel free to contact me!

days on market and distressed data analysis

  • Average days on market for SOLD residential properties in December was 56, down 21% from November’s average of 71 days. 

  • The average home sold 9.7% faster in December 2024 (56 days) versus December ‘23 (62 days).   

  • The Median days on market in December was 28, meaning that half of the sold units did so in 28 days or less. 

  • Year over year, the average DOM for properties sold in 2024 is 54 (up from 50 days YTD 2023), meaning that the average property sold 8% slower than one year ago. 

  • Average days on market for all current ACTIVE residential listings is 116 days (up 6.4% versus 109 days in November). 

  • Month-over-month, the average days on market for Under Contract properties is 79 days (up 8.6% from 74 days in November ‘24). 

  • 22.5% of properties listed in December have already gone under contract or sold with an average days on market of 10. 

  • It still rings true that homes that are priced consistent with their condition and/or are located in high demand areas per the chart above are still moving quickly and with multiple offers.

  • There were 0 distressed residential listings sold in December 2024 (down from 1 in November 2024 and 1 in December 2023).

  • There were 2 distressed active residential listings as of December 31, 2024; up from 1 in November 2024 and down from 3 in December 2023.

Year-Over-Year Market Comparison

pricing analysis

Residential Median Sale Price for YTD 2024 was $705,000, which was up 4% versus the year prior.

You’ll find a breakdown by price point below:

Year-over-Year Sales Comparison by Price Point

area data at-a-glance

*Note: Of all Outer Banks towns, Duck has the highest proportion of Co-Ownerships vs. other residential property types. The median price for Duck is skewed due to a disproportionate number of co-ownerships sold; the median price for sold residential properties YTD 2024 excluding Co-Ownerships is $1,091,940.

*All market data presented is courtesy of the Outer Banks Association of REALTORS MLS Single Family Residential, Jan 1 - Dec 31, 2023 and 2024.


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